30.0198 Procedure if shareholder dissatisfied with payment or offer.

Cite as [A.S.C.A. § 30.0198]

(a) A dissenter may notify the corporation in writing of his own estimate of the fair value of his shares and amount of interest due, and demand payment of his estimate (less any payment under section 30.0195), or reject the corporation’s offer under section 30.0197 and demand payment of the fair value of his shares and interest due, if:

(1) the dissenter believes that the amount paid under section 30.0195 or offered under section 30.0197 is less than the fair value of his shares or that the interest due is incorrectly calculated;

(2) the corporation fails to make payment under section 30.0195 within 60 days after the date set for demanding payment; or

(3) the corporation, having failed to take the proposed action, does not return the deposited certificates or release the transfer restrictions imposed on uncertificated shares within 60 days after the date set for demanding payment.

(b) A dissenter waives his right to demand payment under this section unless he notifies the corporation of his demand in writing under subsection (a) within 30 days after the corporation made or offered payment for his shares.

History: 2000, PL 26-23.